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Packagers’ fears over surplus2m MCCB funds

The Professional Mortgage Packagers’ Alliance is appealing to the FSA to pump some of the 2m in surplus funds left with the MCCB back into the mortgage industry.

The alliance is concerned that the surplus MCCB funds to be handed over to the FSA may not benefit the mortgage business.

The MCCB board is in discussions with the FSA over what will happen to the funds.

PMPA operations director Jon O’Brien says it would be unfortunate if mortgage intermediaries who contributed to the funds did not get any benefit.

The PMPA says it is concerned that the MCCB’s funds will not be used to improve the sector and it is calling for an open debate on the future of the funds to ensure that all options are explored and the funds are not arbitrarily assigned to the FSA.

O’Brien says: “The possibilities for putting this money to good use within the mortgage industry are manifold, not least in continually improving brokers’ abilities to meet the very standards the FSA is putting into the industry through regulation. Education and training through workshops or roadshows would imp-rove the knowledge of ind-ustry professionals.”

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